Crypto Mining Giant Continues to Expand Bitcoin Portfolio

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Crypto Mining Giant Continues to Expand Bitcoin Portfolio

Mara Holdings, a publicly traded cryptocurrency mining company in the U.S., has significantly expanded its Bitcoin portfolio, reaching a total of 34,794 BTC. The company purchased 6,474 bitcoins using a portion of the funds raised from a $1 billion convertible bond sale last month. The purchase, made at an average price of $95,395, raised the total value of its BTC assets to approximately $3.3 billion.

Last week, the company first acquired 5,771 bitcoins and then made an additional purchase of 703 bitcoins, drawing attention. With some of the funds obtained, Mara plans to repurchase a portion of the convertible bonds maturing in 2026, while allocating the remaining funds for further Bitcoin acquisitions and general corporate purposes.

Mara's investment strategy and market movements Marathon Digital Holdings (MARA) is keeping $160 million of the funds for future Bitcoin purchases after conversion costs. Its shares on the New York Stock Exchange rose by 7.81%, closing at $26.92 on Wednesday. Over the past month, the company has gained 42.13% in value, with a year-to-date increase of approximately 17%, reaching a market capitalization of $9 billion.

Mara's growth has been reflected in stock value increases, despite third-quarter revenue falling short of analyst expectations. The company reported a net loss of $124.8 million for the period, compared to a loss of $390,000 in the same quarter the previous year. Nevertheless, its significant investments in Bitcoin continue to create a positive sentiment in the markets.

Other companies and countries' Bitcoin initiatives Among other companies making moves in Bitcoin investment is MicroStrategy (MSTR), which continues to hold the largest corporate Bitcoin portfolio with a total of 386,700 BTC, recently adding another 55,500 BTC to its holdings. These investments, now exceeding $5.4 billion in value, are among its largest purchases to date.

Meanwhile, China-based financial services firm SOS Ltd has announced a new $50 million Bitcoin investment alongside its mining operations in the U.S., causing its stock value to rise by 42.88%. Additionally, Remixpoint, one of Japan's major energy companies, announced its decision to purchase Bitcoin.

On the other hand, some countries are evaluating the adoption of Bitcoin as a national strategy. Recently, U.S. Senator Cynthia Lummis proposed purchasing 4% of the total BTC supply. In Canada, Vancouver's Mayor Ken Sim suggested developing Bitcoin-friendly policies to maintain the city's purchasing power.